Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 379 · 40 questions

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

1. 1.A small business sells 30 paper bookmarks at ₹40 each. Its costs are ₹90. What is its profit (in ₹)?
2. 2.Which of these is true of a sole trader? (a) owners’ risk is limited (b) run by directors (c) a separate legal body (d) owner keeps all profit
3. 3.Which of these is true of a company? (a) run by directors (b) owner keeps all profit (c) simplest to start (d) one owner runs it
4. 4.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
5. 5.🏢 Sole trader or company: one owner runs it? (a) a company (b) a sole trader
6. 6.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
7. 7.A small business sells 50 paper bookmarks at ₹15 each. What is its revenue (in ₹)?
8. 8.A small business selling handmade cards had a revenue of ₹435 and a profit of ₹395. What were its costs (in ₹)?
9. 9.📊 Revenue or profit: money in before costs? (a) revenue (b) profit
10. 10.📊 Revenue or profit: price × number sold? (a) profit (b) revenue
11. 11.Which of these is true of a sole trader? (a) owner owes the debts (b) run by directors (c) owned by shareholders (d) owners’ risk is limited
12. 12.A small business selling paper bookmarks had a revenue of ₹575 and a profit of ₹175. What were its costs (in ₹)?
13. 13.🏢 Sole trader or company: owner owes the debts? (a) a company (b) a sole trader
14. 14.📊 Revenue minus costs equals… (a) price (b) profit (c) stock (d) revenue
15. 15.Which of these is true of a company? (a) a separate legal body (b) owner keeps all profit (c) one owner runs it (d) owner owes the debts
16. 16.🏢 Sole trader or company: simplest to start? (a) a sole trader (b) a company
17. 17.A small business sells 33 painted pebbles at ₹10 each. What is its revenue (in ₹)?
18. 18.A small business sells 24 fruit cups at ₹45 each. What is its revenue (in ₹)?
19. 19.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
20. 20.📊 Revenue or profit: goes up if costs fall? (a) revenue (b) profit
21. 21.A small business sells 45 cupcakes at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
22. 22.Which of these is true of a sole trader? (a) owners’ risk is limited (b) owned by shareholders (c) one owner runs it (d) a separate legal body
23. 23.True or false: “simplest to start” is true of a sole trader. (a) False (b) True
24. 24.🎂 Can a 14-year-old run a business on their own? (a) yes, no one needed (b) only with adult help (c) never ever (d) only at night
25. 25.Which of these is true of a sole trader? (a) run by directors (b) owned by shareholders (c) simplest to start (d) a separate legal body
26. 26.A small business sells 31 friendship bands at ₹10 each. Its costs are ₹80. What is its profit (in ₹)?
27. 27.True or false: “one owner runs it” is true of a company. (a) False (b) True
28. 28.A small business selling cups of lemonade had a revenue of ₹260 and a profit of ₹220. What were its costs (in ₹)?
29. 29.A small business selling friendship bands had a revenue of ₹1845 and a profit of ₹1595. What were its costs (in ₹)?
30. 30.🏢 A company is owned by… (a) the government always (b) its shareholders (c) its suppliers (d) its customers
31. 31.True or false: “run by directors” is true of a company. (a) False (b) True
32. 32.🏢 Sole trader or company: run by directors? (a) a company (b) a sole trader
33. 33.A small business selling friendship bands had a revenue of ₹1320 and a profit of ₹450. What were its costs (in ₹)?
34. 34.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
35. 35.👤 A sole trader is… (a) a one-owner business (b) a big company (c) a bank (d) a school club
36. 36.🏢 Sole trader or company: owners’ risk is limited? (a) a company (b) a sole trader
37. 37.A small business sells 21 glasses of chai at ₹10 each. Its costs are ₹130. What is its profit (in ₹)?
38. 38.A small business sells 36 glasses of chai at ₹25 each. Its costs are ₹350. What is its profit (in ₹)?
39. 39.A small business sells 28 paper bookmarks at ₹45 each. What is its revenue (in ₹)?
40. 40.A small business selling clay diyas had a revenue of ₹345 and a profit of ₹335. What were its costs (in ₹)?

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